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How Much Tax Do You Pay on Inheritance?
Western and Central Pennsylvania Estate Planning Law
The death of a loved one is always a difficult time. The last thing most people want when they’re grieving is to have to deal with the IRS and state tax officials.
A serious illness can happen at any age, but just 18% of those 55 and older have a living will, power of attorney for health care and a last will and testament, according to a 2019 study by Merrill Lynch Wealth Management. AZ Central’s recent article entitled “What to know about wills and health care…
When it comes to your retirement accounts, do you know who your beneficiaries are? These types of accounts have complex distribution rules and significant tax implications for those who inherit them. This complexity is compounded, if there are errors or missing information on your beneficiary forms, as is often the case. Add to this the game-changer SECURE ACT, the largest retirement legislation that has been passed in decades—and there has never been a more important time to review your beneficiary forms.
Avoiding probate usually is the main appeal for living trusts. Trusts also can provide a gentler transition, if the grantor becomes incapacitated.
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
State-by-state differences in matters around taxes, inheritance, marital property and more make a thorough review imperative.
The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.
If you haven’t reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.
Can an owner of a timeshare will the timeshare back to the timeshare corporation and does the corporation have to accept it?
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